NAMIC Responds to Ceres Climate Disclosure Report

“To take the Ceres report seriously, one must start from the premise that the report's authors have a better understanding of the relationship between insurance risk and climate change than do the insurance companies whom they presume to criticize.

“It's not obvious to me why anyone would accept that premise. The authors clearly have a poor grasp of the regulatory environment in which insurers operate, certain elements of which, such as property insurance underwriting restrictions and rate suppression in regions vulnerable to the impacts of climate change, significantly impede the ability of insurers to manage climate-related risks. But despite these political and regulatory challenges, it's entirely possible that most insurers are doing exactly what they ought to be doing in regard to climate change, and equally possible that Ceres's various prescriptions are misguided, naive, ineffectual, and wasteful.”